AFA News 10 June 2021. On Thursday 3 June 2021, the Government was able to pass the Treasury Laws Amendment (Your Future, Your Super) Bill 2021 in the House of Representatives.
This Bill contains the following three key elements:
- Stapling, or the facilitation of a single default account.
- Measures to address underperformance in superannuation.
- Defining a best financial interests’ duty.
The intent of these measures is to:
- stop the creation of unintended multiple superannuation accounts for employees,
- address underperformance in superannuation,
- make it easier for members to choose a well-performing product, and
- increase accountability and transparency from superannuation providers.
This is a major reform that was announced in the 2020/21 Budget and follows a long period of inquiries and reports on the superannuation sector. As is the case with many matters related to superannuation, we can expect this to become a heated process in the Senate and we will need to watch closely to see if the Government can obtain a majority in the Senate.
Please click here for further details on this Bill.
Issued 10.06.2021. AFA Policy & Education Update